Gold rates in Pakistan hit new heights

ISLAMABAD: The gold prices for 24 karat per tola increased by Rs5,300, reaching Rs299,600 on Wednesday, up from Rs294,300 in the previous trading day, as reported by the All Sindh Sarafa Jewellers Association.

Similarly, the price of 10 grams of 24 karat gold rose by Rs4,158 to Rs256,859, compared to Rs252,314 previously. Additionally, the price of 10-gram 22 karat gold increased to Rs235,454 from Rs231,296, following the pattern set by world gold prices.

The prices of silver also saw an increase, with per tola silver rising by Rs36 to Rs3,350, while the price of 10 grams of silver went up by Rs31.08 to Rs2,872.08.

This surge in local prices mirrors the rise in world gold prices, which increased by $53, reaching $2,868 from $2,815. The All Sindh Sarafa Jewellers Association reported this increase in line with global market trends, highlighting the impact of world gold prices on the local market.

This reflects the broader market trend driven by world gold prices, which continue to influence domestic gold prices across the region.

Earlier, Gold prices regained an all-time high on Tuesday, driven by investors seeking the safe-haven asset after China retaliated with tariffs on the U.S. in response to President Donald Trump’s tariffs.

Spot gold gained 0.7% to $2,834.24 per ounce as of 09:23 a.m. ET (1423 GMT), after hitting a record high of $2,836.98 earlier in the session.

U.S. gold futures rose 0.2% to $2,862.80.

“The tariff news came out like it did overnight; I think right now that’s the main driver than any other thing and data that comes out today, (but) I think it’s going to be overshadowed by the tariff news,” said Bob Haberkorn, senior market strategist at RJO Futures.

“The dollar was strong going into the week here, but with a lower dollar, that also definitely helps the price of gold,” Haberkorn said.

The dollar fell 0.5%, making gold less expensive for other currency holders.

China imposed tariffs on U.S. imports, swiftly responding to new U.S. duties, escalating the trade war between the world’s top two economies even as Trump offered reprieves to Mexico and Canada.